Biotech Market ChallengesBiotech investments and therefore biotech activity remains subdued due to macro pressures like weaker funding, FDA turmoil, NIH cuts, and tariff pressure.
Large Pharma DynamicsLarge pharma's shift to FSP models and declining sales amongst ICLR's top two customers are creating further pressure on '26 revenue growth.
Revenue Growth ChallengesThe prospect of seeing revenue growth in '26 is at risk, particularly given management now expects to see elevated cancellations persist throughout '25.